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Your Association at work - 4 November 2009 update

Wednesday 4 November, 2009
Submission - Income splitting and Part IVA Discussion Paper
Taxpayers Australia has recently made a submission to the Tax Office in relation to the application to Part IVA ITAA36 to income splitting arrangements from personal services. In summary, Taxpayers Australia:

do not consider the application of Part IVA to be fair and equitable to the narrow group of small business taxpayers who may currently have such "income splitting arrangements" in place
do not believe such taxpayers should be discriminated when the practice of using an interposed entity to distribute income (whether investment or alternatively, personal exertion income) is commonly undertaken, and
believes government should introduce legislation if it believes the current PSI rules are inadequate.

Coming up

Australian Tax Practitioner Forum - November
NTLG CGT & Losses Sub-committee - November
NTLG FBT Subcommittee - November